Hanoi, June 6 — AEON Financial Services Co., Ltd. (N) has issued an official notice revealing accounting irregularities related to its acquisition of Post and Telecommunication Finance Company (PTF) in Vietnam, a transaction previously conducted with Southeast Asia Commercial Joint Stock Bank (SeABank).
According to the announcement, AEON Financial Services signed a share transfer agreement with SeABank in October 2023 to acquire 100% of PTF’s equity.
“However, we discovered significant discrepancies between the disclosed accounting information prior to the contract and the actual financials,” AEON Financial Services stated. “As a result, we have officially notified SeABank and requested that the agreement be declared null and void.”
The acquisition was finalized on February 3, 2024, with PTF becoming a consolidated subsidiary of AEON Financial Services. However, during the Post-Merger Integration (PMI) process, AEON identified inappropriate accounting transactions that had occurred prior to the deal’s completion.
In response, AEON Financial Services promptly launched an investigation with support from local legal counsel. On June 6, 2025, the company formally submitted a request to invalidate the share transfer agreement with SeABank.
As of now, SeABank has not issued any official response regarding the matter.
Previously, it was announced that AEON Financial Services had agreed to acquire PTF for VND 4.3 trillion (approx. USD 180 million) through a 100% share transfer agreement signed on October 20, 2023. The deal was approved by the State Bank of Vietnam (SBV) on December 30, 2024.
According to SeABank, the divestment was part of a strategic roadmap approved by its General Meeting of Shareholders, aimed at restructuring capital sources, strengthening financial capacity, expanding scale, investing in technology, and promoting business growth.
In addition to the share transfer, SeABank and AEON Financial Services also signed a memorandum of understanding on strategic cooperation to deepen their partnership and leverage their respective strengths, with the shared goal of contributing to the development of Vietnam’s financial market.
Currently, PTF has a charter capital of VND 1.55 trillion, employs nearly 2,000 people, and serves close to 200,000 customers across 30 provinces and cities in Vietnam.
Source: Doanh Nghiệp & Kinh Doanh | Edited by Vietnam Insider
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Source: Vietnam Insider